Due to the lingering effects of the pandemic, manufacturers are facing significant material shortages. While this is a widespread concern, the hit to the home services industry is among the hardest. Because of the supply shortage, we expect to begin seeing significant delays in order fulfillment, as well as industry-wide price increases.
The most recent manufacturer notice that we’ve received has scheduled another 8% price increase on residential HVAC equipment as of January 1, 2022. If the trend continues, we expect to see a comparable increase every 3 months for the foreseeable future.
In addition, energy costs are already beginning to increase significantly, just as the winter temperature begins to drop. A recent article in the New York Times notes, “After plunging during the pandemic as the global economy slowed, energy prices have roared upward. Natural gas, used to heat almost half of U.S. households, has almost doubled in price since this time last year. The price of crude oil — which deeply affects the 10 percent of households that rely on heating oil and propane during the winter — has soared by similarly eye-popping levels.” You can read the full article here.
In light of this price surge, investing in an energy efficient system now can save you a substantial amount in energy costs this winter and over the years to come.
We understand that now may not be an ideal time for you to replace your home’s HVAC or hot water unit, but if you suspect you will be needing one within the next 6 months to a year, we encourage you to consider planning ahead in order to save money, and avoid the waitlist. As always, in-home consultations are free. Give us a call to see if we can help you get ahead of the impending price surges.
Our experienced comfort specialists can help you determine the best plan of action based on your needs, your budget, and your timeline. There’s still time to get ahead of these price hikes. Schedule a consultation today!